The N-VA wants to put an end to fraud through phishing and SMS fraud

MP Michael Freilich has prepared a bill that will require banks to carry out checks between the account number and the name of the beneficiary when making a transfer. He wants to prevent embezzlement and fraud this way. “Invoice fraud, scams via phishing emails, fake text messages and WhatsApp messages have become a daily reality. My party and I want to put an end to that now.”

Michael Freilich is following up on cybercrime in the House. He wants to use his proposal to settle the score with the fraudsters. “Invoice fraud, scams via phishing emails, fake text messages and WhatsApp messages have become a daily reality. You cannot possibly imagine a way criminals have not yet found to defraud good citizens and companies. What all these forms of fraud have in common is that victims make a payment through the bank on their own initiative. They are under the illusion that their payment will actually be sent to the person or institution they have entered as a beneficiary: so to a family member, or customs, the tax authorities or a company they work with. Only that is not the case, and their money ends up directly with the criminals.”

Require banks to check the match between the account number and the name of the beneficiary

The new bill aims to oblige banks to carry out checks between the account number and the name of the beneficiary and to inform the customer whether they match. If this is not the case, the customer can choose not to make the payment. “There is absolutely no such check today. Whether you enter the correct name of the beneficiary or make the payment to Bart De Wever or Mickey Mouse, it doesn’t matter at all. The bank will always make the payment - regardless of the name you provide.”

The bill also protects anyone who enters an incorrect account number by mistake

Criminals have been taking advantage of this handy loophole for far too long, Michael Freilich says. “My party and I want to put an end to that now! Two European countries have preceded us in this: The Netherlands, and recently the United Kingdom as well. Fraud there has fallen spectacularly since then - by no less than 81%, according to Rabobank figures.”

The system will also protect people who mistakenly enter an incorrect account number (and where there is thus no question of fraud). It can become a considerable ordeal today to recover that money.